UK Has ‘Higher Than Average Inflation’
Keywords: cost, of, living, increase, inflation
Britain is facing some of the highest rises in the cost of living in Europe, according to the publication of new figures.
A study by the Organisation for Economic Co-operation and Development (OECD) has indicated that Britons are currently paying some 4.9 per cent more for the cost of their groceries than they were at the same time last year. This rise was reported to be about twice the average costs across the continent and over five times as much as those consumers living in France.
The OCED also claimed that Britons’ personal finances are being continually squeezed through energy price increases. Across the European Union the average utility bill has risen by 1.5 per cent over the last year. However, British borrowers were said to have seen an average increase of 4.4 per cent. Meanwhile, Norwegians were reported to now pay some 13.7 per cent less on their utility bills than they did 12 months ago.
Overall, consumer prices for energy across the OCED member states rose to 2.6 per cent during the course of May - up from 1.9 per cent in April. However, annual food price growth was reported to have fallen over the course of May to 3.4 per cent in comparison to the 3.6 per cent rise noted in April. Not excluding utility costs or food price rises, inflation was reported to have increased year-on-year by 2.1 per cent - a figure unchanged from April. Out of the 30 countries which make up the organisation only Turkey, Hungary and Mexico were said to be currently experiencing higher levels of inflation than Britain.
According to retailers the recent rise in British food prices has been due to increased costs from farmers as a result of poor harvests. Meanwhile, hikes by utility providers were attributed to the rising prices in the wholesale oil and gas markets. Following such rises, a recent survey by Barclays and children’s charity NCH discovered that increasing costs are impacting upon consumers’ day-to-day personal finances.
The research indicated that about one out of ten British households have been forced to go without food as they were unable to afford it, with 11 per cent were said to have lacked the money to purchase over-the-counter medicines. Low-income families were also reported to be six times more likely to have gone without food at some point than higher earners. However, with figures released by financial charity Credit Action indicating that about a third of all groceries bought by consumers will end up being thrown in the dustbin, Britons could perhaps be advised to create an efficient budget to help manage their finances.
These consumers were also reported to borrow money to meet day-to-day costs despite having a limited understanding of various financial products such as personal loans. A spokesperson for the charity said: “Some people who get turned down for loans then turn to loan sharks and don’t realise that 177 per cent annual percentage rate is an extraordinarily high amount. We need to give people that understanding so they don’t fall into that trap.”
Abbi Rouse writes for the Loan Arrangers. Where visitors can compare loans online, and apply for the best secured loans rate available to them. To read more articles from Abbi go to news.loan-arrangers.co.uk
Newer Articles Highlighter:
Stopping Smoking And Summer Budgeting 'Could Ease Finances' (1)
However, with some 41 per cent of mums and dads underestimating their spending over the duration of last summer, consumers could well find their attempts at debt management squeezed. Head of banking Steve Shore said: "Kids can be pretty demanding and summer holiday boredom is difficult to budget for.
'Marked Growth' In High Loan To Value Mortgage Uptake (2)
The financial company suggested that this indicates an "optimism" that the Bank of England is set to lower interest rates in the near future. However, following the Bank's decision to increase the base rate to 5.75 per cent last week, Mr Cox advised potential borrowers to be prepared for a rise in their monthly repayments.
Medical Bankruptcies The Growing Reality (3)
Researchers found that many private insurance plans that offer limited catastrophic coverage were inadequate and offer little financial security for less severe illnesses. Questionnaires were distributed to 1,771 bankruptcy filers in 2001 in California, Illinois, Pennsylvania, Tennessee and Texas.
The High Deductible Health Plan - What Is It And How Does It Benefit Me? (4)
You should take a look at the revolutionary, comprehensive individual health insurance solutions created by companies specifically for young, healthy individuals. Pat Carpenter writes for Precedent Insurance Company. Precedent puts a new spin on health insurance.
Insuring Yourself In A Changing Economy (5)
In fact, there are some businesses in Dallas and Houston that have begun replacing employer paid healthcare benefits with voluntary individual coverage. Because of the increasing financial burden placed on businesses, from large to medium to small, experts are predicting that eventually Texans will have to buy many of the health benefits they currently get at little or no cost through their employer.
Britons 'Get Carried Away' With Holiday Spending (6)
Keywords: personal, finance, credit, cards, overspending Britons are not giving enough thought to their finances when going away on holiday, new figures indicate. According to research conducted by Alliance & Leicester, 4.2 million consumers - about one in ten - are willing to go abroad even though they are yet to finish paying off money owed from their previous break.
House Price Growth 'Slowing' (7)
Meanwhile, Liverpool was the only place in Britain not to witness any increase at all in house prices. The trend for slowed house price growth noted by Nationwide was also revealed in recent figures from Halifax.
Put Your Agent To The Test (8)
You want legitimate references to check. If the prospective Listing Agent is truly good at what they do, they will already have a list of references that they would be honored to give you.
Establishing Credit Though Student Credit Cards (9)
For college students and high school students, such cards are a great way to learn responsibility, as well as the sense of freedom. They can be useful during an emergency, which could be reason enough to obtain one.
Student Loan Default - Avoid It With These Easy Steps (10)
So for these folks, who are, for one reason or another (and often not of their own doing), unable to manage their budgets, let's take a look at what the options are.
Get The Best Debt Relief From A Free Debt Consolidation Program (11)
If you agree then they even arrange the best suited loan for you. For these services they do not charge anything. The reason behind this is that they get heavy subsidies from creditors.
Mutual Funds Make Investing Simple (12)
And finally, there are sometimes front-end loads and back-end loads. A front-end load is a sales commission charged as soon as you open the account and invest your money.
Offer A Vendor Equipment Leasing Program To Enhance Sales And Profits (13)
These savings are passed on to the client. 4. The leasing company will also be more motivated and go the extra mile to fund the most challenging credits.
What Is High Risk Home Owner Insurance? (14)
Another area that may place you in the high risk home owner insurance bracket is how many claims have been filed on the home in question. This is something that new home buyers need to be aware of.
Borrowing Should Be 'Structured In Best Way Possible' (15)
As a result, she claimed that those who already have "high levels of existing credit" are set to find further pressure placed on their day-to-day finances should the Bank of England's monetary policy committee (MPC) decide to increase the base rate even further.
Student Loans Also Known As PLUS Loans (16)
Parents are solely accountable for the payment of the loan. The interest rate on the PLUS loans is 8.5%. The third type of student loan is the loan given by private banks and finance corporations.
Real Estate Financing - What You Need To Know About Home Mortgages Before You Commit (17)
15-year fixed-rate mortgages mean consistent monthly payments for all 15 years that you have the mortgage; you build equity even more quickly than with a 30-year or 20-year loan, and paying less in interest, you save money in the long run.
Getting Engaged? How Should You Handle Health Insurance? (18)
When comparing policies, you should consider the following: - Monthly premiums - Deductibles - Co-payments for routine and emergency care - Doctors and hospitals that participate in each plan (e.g., if it's a Health Maintenance Organization or Preferred Provider Organization) - Any additional coverage provided (e.g., dental, vision care, prescription drugs, etc.).
7 Cash Flow Steps To A Healthy Budget (19)
As you make those payments throughout the month write them down to see how your spending lines up with what you have budgeted for that particular item. 5. If you have a negative cash flow then you can start looking at everything you have written down and find areas where your spending may not be in the best interest of you financial goals.
Considering Health Savings Accounts (20)
Your individual insurance company or employer will then almost certainly direct you to their preferred vendor for the administration of your HSA account. Using the preferred vendor is usually to your advantage as data is more easily transferred between the insurance company and the HSA administrator and you get a break on the administration fees.
Eight Ways To Save Money On Gas (21)
Shop around for the best fuel prices. You might be surprised how much the price of gas can vary from pump to pump. A simple Internet search can help you locate the cheapest local options before you even leave your house.
Business Finance Resource Availability Issues For Telecommunications Companies (22)
As you may have experienced, most of the major financing companies out there just plain do not understand how telecommunications businesses work. Unless you are AT&T, or another large telecommunications company, with a monthly billings total of over 5 million dollars, most typical business finance resources are not that interested in talking to you.
Is Your Identity Stolen? - What You Should Do (23)
Examine all the details on report, any companies you haven't done business with, unfamiliar accounts, and if there are any unexplainable charges. Make sure that all your personal information like your name, address, SSN is exactly correct.
The Importance Of Having Umbrella Insurance (24)
Also, some umbrella policies provide coverage for you if you are sued in connection with any charitable boards or organizations of which you are a member. You may have to contact your insurance company and pay an extra premium for this type of coverage.
How To Pick A Good Home Owner Insurance Company (25)
It is also to make sure that any insurance providers you are considering is licensed to sell insurance in your state. Under no circumstances should you purchase home owners insurance from a company without a license in the state in which the house is located.
Your Credit Report And Credit Score (26)
The information contained in your credit report is even given a numerical value called your credit score. Creditors and lenders actually take a look at your credit report, credit score or both before granting you any type of credit, loan or mortgage to check on your credit history.
The Personal Financial Budget Is The Door To Financial Freedom (27)
By regularly monitoring and evaluating your cash flow you can begin to see patterns and spending habits that may need to be adjusted. The big surprise for many people is finding out just how they are actually spending money and where it is going.
What Is A Mortgage Refinance? (28)
Another area where a refinance may help your financial situation is if you are having trouble meeting your monthly payment or you need to free up some cash for home improvements and the like.
Understanding Virtual Banking (29)
It is the growing number of virtual banks that are threatening traditional banks as we know them. Virtual banks offer most if not all their services online and are therefore able to offer customers no charge transactions and higher interest rates.
When To Refinance Your Home Mortgage (30)
Not only will these sites be able to give you rates and quotes, but they will often allow you to find out more information on lenders so that you can make the best choice for your situation.
Do You Know Why You Want To Become A Trader Online? (31)
Ask yourself what will happen if in 20 years you don't have the skills to make you successful in the world of online trading. Don't be afraid to write your thoughts in detail.
Buying Home Owners Insurance Online (32)
Most standard homeowner insurance policies will cover both the home itself and items that are found in the home. The quickest way to find out just what each policy covers is to sort through different types of homeowners insurance online.
Understanding Your Annual Percentage Rate (APR) (33)
The APR, which stands for "annual percentage rate", is a good idea badly executed that is as likely to mislead consumers as help them. Sometimes this rate (APR) of a loan needs to be calculated to compare different alternatives.
Foreclosed Homes List- An Important Tool (34)
The basic idea behind using an online foreclosure home list for a specific state or town is that you can easily get to know about properties that banks often wish to get rid off as soon as possible.
Foreclosed Home Listing- An Insight Into Foreclosed Home Listings (35)
This can be good for you as a buyer because a foreclosure home listing usually is below the appraisal value and you can close the deal at an amount that is less than the actual worth.
Foreclosed Home- Discover The Truth About Foreclosed Homes (36)
Plan a visit to the local courthouse would give you a rough idea about the various deals and how their dealing process. Similarly, you can also attend the foreclosure home auctions to know more about the auction options and the risks involved.
Consumers Determined To Buy First Home (37)
Andy Wiggans, director of mortgages for Bradford & Bingley, said: "Having to find an extra 25 pounds per month, at a time when finances are squeezed, is going to hit first-time buyers' pockets but our research shows it's not going to deter them.
Buy Foreclosed Homes- Be An Informed Buyer (38)
This means that buyers have to conduct a thorough research for knowing which properties are being sold way below the market value, properties that have maximum valuable, properties that can be resold at a profit.
Are You Paying Too Much For Your Loan Insurance? (39)
Hidden costs Although a loan might seem cheap, when payment protection is added the loan price can increase significantly. For instance, the amount you pay back on a 5000 loan over 5 years can increase by over 1,500 when loan insurance is added.
Banking Alternatives: Do You Need A Bank? (40)
Credit unions Credit unions are one alternative to using conventional banks. Unlike banks, credit unions are not for profit organisations that are run by their members. Credit unions are used by people who share a workplace or occupation, or even a religion.